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to worry about re-election today. still, there was little time to savor tuesday's victory, in the face of a potential fiscal crisis at the end of the year. "newshour" correspondent kwame holman begins our coverage on this day after the election of 2012. >> reporter: mr. obama departed his hometown of chicago this afternoon for washington, his home for another four years. waiting for him: a still- divided congress now facing a critical lame duck session. the president made it clear in his victory speech last night that he thinks the country wants an end to gridlock. >> tonight, you voted for action, not politics as usual. ( applause ) you elected us to focus on your jobs, not ours. and in the coming weeks and months, i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together: reducing our deficit; reforming our tax code; fixing our immigration system; freeing ourselves from foreign oil. we've got more work to do. ( applause ) >> reporter: the most immediate challenge: avoiding the so- called "fiscal cliff" that looms
>> this is n.b.r. >> susie: good evening everyone. i'm susie gharib. a day after the election a massive selloff on wall street as investors worry about the status quo in washington. >> tom: i'm tom hudson. the election is over but the fiscal cliff, is just eight weeks away, and it will play into every decision the president makes until january first. >> susie: and the fiscal cliff is a big worry for business leaders. the c.e.o. of caesars entertainment, tells us it'll be "very damaging" for his company. >> tom: that and more tonight on "n.b.r."! wall street greeted the election results with a big sell-off in stocks. investors dumped shares of almost every type, giving the s&p 500 it's worst day since june. beyond the u.s. elections, europe also brought fresh worries for investors with concerns in greece, and germany. here's how the numbers stacked up on wall street. the dow lost 312 points, at it's worst point of the day, the blue chip index was down 369 points. the nasdaq tumbled nearly 75 points and the s&p 500 off 33. suzanne pratt takes a look at where the market goes from
at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said there's an increasing chance we will go over that cliff of tax increases and spending cuts. it puts the odds at 15%. still, s&p is optimistic about a solution, saying "the most likely scenario, in our view, is that policymakers reach sufficient political compromise in time to avoid most, if not all, potential economic effects of the cliff." both s&p and the congressional budget office warned unemployment would go over 9% by the end of next year if the cliff is triggered. those s&p comments hit the market in the last 30 minutes of trading, extending yesterday's sharp losses. the dow closed down 121 points, the nasdaq lost 41, and the s&p was off 17. the headlines of big sell-offs in the major stock averages only further erode confidence for
. >> woodruff: with the election over, there's new talk in washington about finally coming to grips with taxes, spending and the deficit. the mammoth problem has been hanging over congress and president for many months, and now, time is running out. in just five days, lawmakers troop back to the capitol for a final, lame-duck session. and they are under mounting pressure to avoid going off the much-talked-about fiscal cliff. come january 1, the bush-era tax cuts will expire as will a 2% payroll tax cut that was passed in december of 2010. at the same time, large automatic spending cuts would begin to bite-- 10% less for defense in 2013 and an 8% cut in domestic programs. the result-- according to federal reserve chairman ben bernanke-- could be disastrous. he said this in july, citing the congressional budget office. >> the c.b.o. has estimated that if the full range of tax increases and spending cuts were allowed to take effect, a scenario widely referred to as the fiscal cliff-- a shallow recession would occur early next year and about one and a quarter million fewer jobs would be created in
remember about this election? >> well, the first thing i'll remember is the way people turned out to vote in this election in the face of tremendous voter suppression efforts. and i just think they've been really american heroes because they stood up and said, "you are not going to take the vote away from us." some people stood in line for six, seven and eight hours. some had been in areas that had been damaged by the storm. and i just think that they were there upholding democracy. so that's the first thing that i remember about it. >> they were also there making delicious pecan tarts. because when i voted, the kids in the school were selling baking goods, and they were having a great time of it. what will you remember? >> oh, that's a tough one to say. i think that for a lot of conservatives and a lot of republicans this was a very disappointing election that opened a lot of folks' eyes to some of the deeper changes that have happened in the country, much more so in some respects than the 2008 election -- which i think a lot of folks wrote off as a one off, as a fluke, something that re
the looming fiscal crisis for the first time since the election, and insisted once again he won't accept a deal unless it includes higher taxes on the wealthy. good evening. i'm judy woodruff. >> brown: and i'm jeffrey brown. on the newshour tonight, we'll have excerpts from the president's remarks, and our own debate on the economic challenges ahead with two senators, maryland democrat ben cardin and tennessee republican bob corker. >> woodruff: then, ray suarez has the latest on the surprise resignation of cia chief david petraeus after admitting to an extra-marital affair. >> brown: it's still cold and dark in many new jersey homes. special correspondent rick karr follows utility crews as they work to turn the electricity back on. >> access to these lines is quite difficult, cutting through peoples' backyards. you may come in one and cross four other yards just to get to your job site. >> woodruff: plus mark shields and david brooks analyze the week's news. that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: intel >> music is a universal
, then this was a highly irregular process. going to jim clapper when the f.b.i. did on election day i don't quite understand that either. at this point, i feel strongly as dianne feinstein does that her committee has to right to understand what the process was, whether it complied with f.b.i. procedure. i think some pieces of this didn't. >> ifill: you mentioned... and to learn all the material. as i said before though, gwen, congress is typically not advised. i don't see why the intelligence committees would be advised. >> ifill: but you mentioned the election day notification, jane harman. are you worried at all that there may be the appearance of a political taint here? >> well, it was election day. i somehow think there may be the appearance of it. but i don't think that was anybody's intention. i think this was... i think congress should get to the bottom of it. if there are investigations that involve the transfer of classified material, involving high-level officials or members of congress, absolutely. congress has to be briefed. and surely in a more timely way. congress shouldn't be playi
that done. >> reporter: the president says one of the clearest messages of the election was his pledge to raise taxes on the wealthiest americans and he gave no hints today he was ready to change that position now that he has won a second term. darren gersh, "n.b.r.," washington. >> susie: as darren mentioned, the markets took the president's comments as proof we won't be able to reach a deal and avoid the fiscal cliff, stocks on wall street tumbled: the dow fell 185 points, the nasdaq lost 37, the s&p was down 19. james awad joins us now. he's investment strategist at zephyr management. >> so, jim, what do you think investors need to hear from the president that they feel confident about investing in the markets? >> right now, there is nothing he is willing to do that would make investors comfortable. you'll notice today that the market sold off during and after his press conference because he was very aggressive in his position. and whether that's a negotiating point or not, i think what the markets fear is that we could either accidentally go over the cliff, or that all this hard po
affair. both comments came in his first official news conference since the election. good evening. i'm judy woodruff. >> ifill: and i'm gwen ifill. on the newshour tonight: we have extended excerpts of the president's wide-ranging exchange with reporters, from immigration to benghazi to reaching out to mitt romney. >> woodruff: we zero in on two topics, starting with the spiraling scandal that forced the c.i.a. director to step down. >> ifill: and we assess the administration's post-election agenda with senators dick durbin and kay bailey hutchison. >> woodruff: then, ray suarez gets the latest on the escalating violence in gaza after israeli air strikes killed the military leader of hamas. >> ifill: plus, there were new calls today for laws to police pharmacies like the one linked to the meningitis outbreak. betty ann bowser's update includes the story of one family's loss from the disease. >> i can't really think of one them them without the other. he was such a vibrant person that who lit up the room and there's such a great big hole missing. >> woodruff: that's all ahead on tonig
director james clapper last week on election day. he then telephoned petraeus and asked him to resign. on thursday, the general went to the white house to meet with president obama and his formal resignation followed on friday. since then, key members of congress have complained that they should have been notified much earlier that something was up. senate intelligence committee chair democrat dianne feinstein appeared on fox news yesterday. >> we received no advance notice. it was like a lightning bolt. the way i found out, i came back to washington thursday night. friday morning, the staff director told me there were a number of calls from press about this. this is something that could have had an effect on national security. i think we should have been told. >> brown: on cnn the chairman of the house homeland security committee, republican congressman peter king, also raised concerns. >> this just doesn't add up that you have this type of investigation. the f.b.i. investigating emails. the emails leading to the c.i.a. director and taking four months to find out that the c.i.a. dire
republican leader mitch mcconnell lost ground in the election, but he posed for the cameras with the three new senators who will be joining his side of the aisle in january. in the house, minority leader nancy pelosi beamed as she presented the new faces adding to democratic ranks in the coming congress. given what awaits these new lawmakers in january, you might wonder why they want the job. it's still not clear whether a lame duck session of congress will navigate the expiring tax breaks and automatic spending cuts that make up the fiscal cliff. the president met privately with labor leaders to discuss options for the fiscal cliff. tomorrow, he will caucus with c.e.o.s from companies like wal-mart, g.e. and bank of america. it all leads up to friday when the president sits down with congressional leaders at the white house to begin the real negotiations, and both sides enter those talks claiming a mandate to protect the principals the voters endorsed at the ballot box. >> darren gersh is with us tonight from our washington, d.c. bureau, where a week after election day here. was there any
bit more interested in working together. now, again this is just one day after the election. so let's see if that holds up. it does look like there are a few olive branches out there. we'll see if it continues. >> putting the odds at one in seven, one in eight we could still go over the cliff. cow agree that that will plunge the u.s. economy into recession and an unemployment rate back over 9%. >> i'm about in agreement with them. i think there are a few details i'm looking for. i look for the bush tax cuts to expire, the payroll tax holiday to expire, and that tow moo is a 3% cracks of the fiscal budget, and that would, indeed, push, in my analysis, push the u.s. back into recession. >> tom: what's the impact if we go over the cliff but are able to pull ourselves back, say, the first or second week in january. some are saying there are some odds of that happening. we could go over the cliff do see the threat but pull ourselves back. could there be damage done that's irreversible? >> there-- when you think about it, the fiscal cliff is sort of kind of a theoretical thing. the treasu
, and with concern for the broader good. to me, america post-election feels a lot like the middle of groundhog day. same president; same parties controlling congress; same leaders of congress likely to emerge. and, the same problem confronting the nation: yet another fiscal cliff. everyone knows the damage that falling over the fiscal cliff may bring: further policy gridlock, a sudden recession, and an unknowably bad shock to worldwide demand for u.s. debt. to avoid this fiscal damage, america today needs some people to step up and show the leadership of bill murray. to acknowledge that the country needs some mix of spending restraint and tax-revenue increases while both stimulating growth and protecting the vulnerable. and, to do all this with the necessary imagination. both parties have acknowledged the need for fundamental corporate-tax reform. who will lead the charge on cutting americas business taxes- but linked to reducing high-end tax expenditures to not further aggravate our deficits? here is hoping that in the coming days, americas fiscal life can imitate bill murray's art. i'm matt slau
Search Results 0 to 16 of about 17 (some duplicates have been removed)

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